-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EXVxOri7kA/E8QAg0jUzjwJQjIQe3shQru0dz2zVR+78qNRElrrE0TGf5kuC/6eX DJLoVkYQ5cjIWTkpMOFohA== 0001116679-06-001262.txt : 20060427 0001116679-06-001262.hdr.sgml : 20060427 20060427172230 ACCESSION NUMBER: 0001116679-06-001262 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060427 DATE AS OF CHANGE: 20060427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12386 FILM NUMBER: 06786239 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 8-K 1 lex8k.htm APRIL 27, 2006

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported)

  April 27, 2006

 

Lexington Corporate Properties Trust

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland

(State or Other Jurisdiction of Incorporation)

 

1-12386

13-3717318

(Commission File Number)

(IRS Employer Identification No.)

 

One Penn Plaza, Suite 4015

 

New York, New York

10119-4015

(Address of Principal Executive Offices)

(Zip Code)

 

(212) 692-7200

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 

 

 

Item 2.02.

Results of Operations and Financial Conditions.

 

On April 27, 2006, Lexington Corporate Properties Trust (the “Trust”) issued a press release announcing its financial results for the quarter ended March 31, 2006 (the “Press Release”). A copy of the Press Release is furnished herewith as Exhibit 99.1.

 

The information furnished pursuant to this “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Trust under the Securities Act of 1933, as amended (the “Act”), or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 7.01.

Regulation FD Disclosure.

 

On April 27, 2006, the Trust made available supplemental information (the “Supplemental Reporting Package”) concerning its operations and portfolio as of March 31, 2006. A copy of this supplemental information is furnished herewith as Exhibit 99.2.

 

The information furnished pursuant to this “Item 7.01 Regulation FD Disclosure,” including Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Trust under the Act or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01.

Financial Statements and Exhibits.

 

 

(a)

Not applicable

 

(b)

Not applicable

 

(c)

Exhibits

 

99.1

Press Release issued April 27, 2006.

99.2

Supplemental Reporting Package for the quarter ended March 31, 2006.

 

 

 


 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Lexington Corporate Properties Trust

 

 

Date: April 27, 2006

By:  /s/ Patrick Carroll                                

 

Patrick Carroll

 

 

Chief Financial Officer

 

 

 

 


 

 

Exhibit Index

 

99.1

Press Release issued April 27, 2006.

99.2

Supplemental Reporting Package for the quarter ended March 31, 2006.

 

 

 

 

 

 EX-99 2 ex99-1.txt EX. 99.1 Exhibit 99.1 [FINANCIAL RELATIONS BOARD LOGO] NEWS RE: LEXINGTON CORPORATE PROPERTIES TRUST ONE PENN PLAZA SUITE 4015 NEW YORK, NY 10119 FOR FURTHER INFORMATION: AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: Patrick Carroll Lisa Fortuna Tim Grace Chief Financial Officer Analyst Inquiries Media Inquiries (212) 692-7200 (312) 640-6779 (312) 640-6667 FOR IMMEDIATE RELEASE THURSDAY APRIL 27, 2006 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES FIRST QUARTER RESULTS New York, NY - April 27, 2006 - Lexington Corporate Properties Trust (NYSE:LXP) ("Lexington"), a real estate investment trust, today announced results for its first quarter ended March 31, 2006. First Quarter Highlights - ------------------------ o Acquired two properties for $44.1 million; o Sold two non-core properties resulting in an aggregate gain of $2.3 million; o Obtained $74.4 million of non-recourse mortgage financings (including joint ventures) secured by four properties at a weighted average fixed interest rate of 5.59%; and o Signed first lease for 48,000 square feet in formerly vacant Dallas, Texas property. Quarterly Results Funds from operations ("FFO") were $28.7 million, or $0.45 per diluted common share/unit, net of $1.0 million in debt satisfaction charges ($0.02 per diluted common share/unit), for the first quarter of 2006. This compares to FFO of $23.1 million, or $0.39 per diluted common share/unit, for the first quarter of 2005. Rental revenues for the quarter totaled $48.5 million, compared to rental revenues of $35.5 million for the same period last year. Net income allocable to common shareholders was $2.0 million in the first quarter of 2006, after $2.3 million in gains on sale of properties and $1.0 million in debt satisfaction charges, or $0.04 per diluted common share/unit. This compares to $5.4 million of net income allocable to common shareholders, after the impact of $0.7 million in gains on sale of properties, or $0.11 per diluted common share/unit, for the same period last year. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 1 Conference Call Management will discuss the financial results and Lexington's business plan on a conference call today at 2:00 p.m. Eastern time. The toll-free dial-in number is 800-240-7305. A replay of the conference call will be available through May 4, 2006. The toll-free telephone number for the replay is 800-405-2236, passcode 11058112. International callers can access the conference call by dialing 303-205-0033 and the replay by dialing 303-590-3000 (same passcode). The conference call can also be accessed on the internet at http://www.lxp.com. Comments From Management Commenting on Lexington's financial results, T. Wilson Eglin, Chief Executive Officer, said, "Lexington's operating results for the first quarter of 2006 showed strong growth compared to the prior year. Funds from operations per share excluding debt satisfaction charges were $0.47 per share, compared to $0.39 per share for the same period last year representing an increase of about 21%. The debt satisfaction charges mainly related to the refinancing of a property that was recently expanded on terms that we believe created significant value. Our modest acquisition volume of $44.1 million reflects highly competitive market conditions and our belief that we should maintain our balance sheet flexibility until investment opportunities are more favorable. During the first quarter we signed our first lease at our formerly vacant Dallas, Texas property and sold two properties which generated gains of $2.3 million. Subsequent to quarter end, we sold another property for $29.0 million - almost $10.0 million more than we acquired it for a little over four years ago. These dispositions reflect the significant increase in our net asset value per share that has occurred over the last several years." About Lexington Lexington Corporate Properties Trust is a real estate investment trust that owns and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington common shares closed Wednesday, April 26, 2006 at $20.88 per share. Lexington currently pays an annualized dividend of $1.46 per share. Additional information about Lexington is available at www.lxp.com. Lexington believes that funds from operations ("FFO") enhances an investor's understanding of Lexington's financial condition, results of operations and cash flows. Lexington believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the April 2002 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 2 This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, (i) the failure to continue to qualify as a real estate investment trust, (ii) changes in general business and economic conditions, (iii) competition, (iv) increases in real estate construction costs, (v) changes in interest rates, (vi) changes in accessibility of debt and equity capital markets, and (vii) those other factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized. Financial Tables Follow MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) Three Months Ended March 31, 2006 2005 ---- ---- Gross revenues: Rental $ 48,513 $ 35,486 Advisory fees 1,063 634 Tenant reimbursements 4,433 883 ------- ------- Total gross revenues 54,009 37,003 Expense applicable to revenues: Depreciation and amortization (20,241) (11,550) Property operating (7,895) (2,637) General and administrative (5,616) (4,345) Non-operating income 795 684 Interest and amortization expense (17,892) (12,220) Debt satisfaction charge (947) - ------- ------- Income before benefit (provision) for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 2,213 6,935 Benefit (provision) for income taxes 73 (96) Minority interests (493) (828) Equity in earnings of non-consolidated entities 1,245 1,425 ------- ------- Income from continuing operations 3,038 7,436 ------- ------- Discontinued operations, net of minority interest and taxes: Income from discontinued operations 799 1,376 Debt satisfaction charge (78) - Impairment charge - (30) Gains on sales of properties 2,319 744 ------- ------- Total discontinued operations 3,040 2,090 ------- ------- Net income 6,078 9,526 Dividends attributable to preferred shares - Series B (1,590) (1,590) Dividends attributable to preferred shares - Series C (2,519) (2,519) -------- -------- Net income allocable to common shareholders $ 1,969 $ 5,417 ======= ======= Funds from operations(1) $ 28,653 $ 23,110 ======= ======= Per share/unit: Basic net income $ 0.04 $ 0.11 Diluted net income $ 0.04 $ 0.11 Funds from operations(1)-basic $ 0.45 $ 0.39 Funds from operations(1)-diluted $ 0.45 $ 0.39 MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands) 3/31/06 12/31/05 ------- -------- Real estate, at cost $ 1,879,441 $ 1,883,115 Accumulated depreciation (243,820) (241,188) Investment in joint ventures 187,741 191,146 Properties held for sale - discontinued 38,892 49,397 operations Intangible assets, net 140,074 128,775 Cash and cash equivalents 61,278 53,515 Deferred expenses, net 14,404 13,582 Rent receivable 3,226 7,673 Rent receivable - deferred 24,795 24,778 Other assets 55,796 49,439 ---------------- ---------------- $ 2,161,827 $ 2,160,232 ================ ================ Mortgages and notes payable $ 1,172,478 $ 1,139,971 Liabilities - discontinued operations 19,730 32,145 Other liabilities 28,964 35,434 Minority interests 60,043 61,372 Shareholders' equity 880,612 891,310 ---------------- ---------------- $ 2,161,827 $ 2,160,232 ================ ================ Common shares 52,866,743 52,155,855 Preferred shares - Series B 3,160,000 3,160,000 Preferred shares - Series C 3,100,000 3,100,000 Operating partnership units 5,629,916 5,720,071 ---------------- ---------------- 64,756,659 64,135,926 ================ ================ 1 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the April 2002 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data)
Three Months Ended March 31, 2006 2005 ---- ---- Earnings Per Share - ------------------ Basic Income from continuing operations $ 3,038 $ 7,436 Less preferred dividends (4,109) (4,109) ------------- ------------ Income (loss) allocable to common shareholders from continuing operations - basic (1,071) 3,327 Total income from discontinued operations - basic 3,040 2,090 ------------- ------------ Net income allocable to common shareholders - basic $ 1,969 $ 5,417 ============ ============ Weighted average number of common shares outstanding 51,844,001 48,350,656 ============ ============ Per share data: Income (loss) from continuing operations $ (0.02) $ 0.07 Income from discontinued operations 0.06 0.04 ------------- ------------ Net income - basic $ 0.04 $ 0.11 ============ ============ Diluted Income (loss) allocable to common shareholders from continuing operations-basic $ (1,071) $ 3,327 Adjustments: Incremental income attributed to assumed conversion of dilutive securities - - ------------- ------------ Income (loss) allocable to common shareholders from continuing operations-diluted (1,071) 3,327 Total income from discontinued operations - diluted 3,040 2,090 ------------- ------------ Net income allocable to common shareholders - diluted $ 1,969 $ 5,417 ============ ============ Weighted average number of shares used in calculation of basic earnings per share 51,844,001 48,350,656 Add incremental shares representing: Shares issuable upon exercises of employee share options - 79,289 Shares issuable upon conversion of dilutive securities - - ------------- ------------ Weighted average number of shares used in calculation of diluted earnings per common share 51,844,001 48,429,945 ============ ============ Per share data: Income (loss) from continuing operations - diluted $ (0.02) $ 0.07 Income from discontinued operations - diluted 0.06 0.04 ------------- ------------ Net income - diluted $ 0.04 $ 0.11 ============ ============
MORE LEXINGTON CORPORATE PROPERTIES TRUST ADD 6 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES EARNINGS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE (dollars in thousands, except per share data) Three Months Ended March 31, 2006 2005 ---- ---- Funds From Operations - --------------------- Basic and Diluted - ----------------- Net income allocable to common shareholders $ 1,969 $ 5,417 Adjustments: Depreciation and amortization 20,127 11,789 Minority interests-OP Units 687 857 Amortization of leasing commissions 139 124 Joint venture adjustment-depreciation 5,482 3,148 Preferred dividends-Series C 2,519 2,519 Gains on sale of properties (2,319) (744) Taxes incurred on sale of property 49 - ---------- ---------- Funds from operations $ 28,653 $ 23,110 ========== ========== Basic - ----- Weighted average shares outstanding-basic EPS 51,844,001 48,350,656 Operating partnership units 5,653,092 5,386,281 Preferred shares - Series C 5,779,330 5,779,330 ---------- ---------- Weighted average shares outstanding-basic FFO 63,276,423 59,516,267 ========== ========== FFO per share $ 0.45 $ 0.39 ========== ========== Diluted - ------- Weighted average shares outstanding-diluted EPS 51,844,001 48,429,945 Common share options 32,069 - Operating partnership units 5,653,092 5,386,281 Preferred shares - Series C 5,779,330 5,779,330 ---------- ---------- Weighted average shares 63,308,492 59,595,556 outstanding-diluted FFO ========== ========== FFO per share $ 0.45 $ 0.39 ========== ========== ### EX-99 3 supp.txt EX. 99.2 Exhibit 99.2 LEXINGTON CORPORATE PROPERTIES TRUST SUPPLEMENTAL REPORTING PACKAGE For the three months ended March 31, 2006 Table of Contents Income Statements......................................... 1 Balance Sheets............................................ 2 Combined Joint Venture Income Statement................... 3 First Quarter Transaction Summary......................... 4 Property Holdings......................................... 5 Properties by Location.................................... 16 Lease Rollover Schedules.................................. 17 Mortgages and Notes Payable............................... 19 Revenue by Tenant Industry................................ 25 Revenue by MSA............................................ 26 Other Revenue Data........................................ 28 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
Three Months Ended March 31, 2006 2005 ---- ---- Gross revenues: Rental $ 48,513 $ 35,486 Advisory fees 1,063 634 Tenant reimbursements 4,433 883 -------- -------- Total gross revenues 54,009 37,003 Expense applicable to revenues: Depreciation and amortization (20,241) (11,550) Property operating (7,895) (2,637) General and administrative (5,616) (4,345) Non-operating income 795 684 Interest and amortization expense (17,892) (12,220) Debt satisfaction charge (947) -- --------- --------- Income before benefit (provision) for income taxes, minority interests, equity in earnings of non-consolidated entities and discontinued operations 2,213 6,935 Benefit (provision) for income taxes 73 (96) Minority interests (493) (828) Equity in earnings of non-consolidated entities 1,245 1,425 -------- -------- Income from continuing operations 3,038 7,436 -------- -------- Discontinued operations, net of minority interest and taxes: Income from discontinued operations 799 1,376 Debt satisfaction charge (78) -- Impairment charge -- (30) Gains on sales of properties 2,319 744 -------- -------- Total discontinued operations 3,040 2,090 -------- -------- Net income 6,078 9,526 Dividends attributable to preferred shares - Series B (1,590) (1,590) Dividends attributable to preferred shares - Series C (2,519) (2,519) --------- --------- Net income allocable to common shareholders $ 1,969 $ 5,417 ======== ======== Funds from operations(1) $ 28,653 $ 23,110 ======== ======== Per share/unit: Basic net income $ 0.04 $ 0.11 Diluted net income $ 0.04 $ 0.11 Funds from operations(1)-basic $ 0.45 $ 0.39 Funds from operations(1)-diluted $ 0.45 $ 0.39
1 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (dollars in thousands) 3/31/06 12/31/05 ------- -------- Real estate, at cost $ 1,879,441 $ 1,883,115 Accumulated depreciation (243,820) (241,188) Investment in joint ventures 187,741 191,146 Properties held for sale - discontinued 38,892 49,397 operations Intangible assets, net 140,074 128,775 Cash and cash equivalents 61,278 53,515 Deferred expenses, net 14,404 13,582 Rent receivable 3,226 7,673 Rent receivable - deferred 24,795 24,778 Other assets 55,796 49,439 ---------- ---------- $ 2,161,827 $ 2,160,232 ========== ========== Mortgages and notes payable $ 1,172,478 $ 1,139,971 Liabilities - discontinued operations 19,730 32,145 Other liabilities 28,964 35,434 Minority interests 60,043 61,372 Shareholders' equity 880,612 891,310 ---------- ---------- $ 2,161,827 $ 2,160,232 ========== ========== Common shares 52,866,743 52,155,855 Preferred shares - Series B 3,160,000 3,160,000 Preferred shares - Series C 3,100,000 3,100,000 Operating partnership units 5,629,916 5,720,071 ---------- ---------- 64,756,659 64,135,926 ========== ========== 1 The Company believes that Funds From Operations ("FFO") enhances an investor's understanding of the Company's financial condition, results of operations and cash flows. The Company believes that FFO is an appropriate, but limited, measure of the performance of an equity REIT. FFO is defined in the April 2002 "White Paper" issued by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as "net income (or loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." FFO should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. 2 LEXINGTON CORPORATE PROPERTIES TRUST JOINT VENTURE PROPORTIONATE SHARE COMBINED CONDENSED STATEMENT OF INCOME (dollars in thousands) Three Months Ended March 31, 2006 Gross Revenues $ 12,795 -------- Depreciation and amortization 5,298 Interest and amortization 4,492 Other income and expenses 2,027 -------- Expenses 11,817 -------- Net income $ 978 ======== 3 LEXINGTON CORPORATE PROPERTIES TRUST 2006 First Quarter Transaction Summary
Acquisitions ($000's) Average Current Annual Average Annual Current Property Capitalized GAAP GAAP Cash Cash Lease Tenants/Guarantors Location Type Costs Rent, net Yield Rent, net Yield Term - ------------------ -------- ---- ----- --------- ----- ------ ----- ---- AS Watson(1) Renswoude, The Office $ 39,291 $ 2,294 5.8% $ 2,851 7.3% 12-11 Netherlands &06-18 Dana Corporation(2) Crossville, TN Industrial 4,776 460 9.6 460 9.6 08-16 ------ ------- --- ------ --- $ 44,067 $ 2,754 6.2% $ 3,311 7.5% ======= ======= ===== ====== ===== Dispositions ($000's) Property Net Sale Net Book Tenants/Guarantors Location Type Price Value - ------------------ -------- ---- ----- ----- The Dial Corporation Scottsdale, AZ Office $ 22,563 $ 22,314 Bally Total Fitness Corp. Countryside, Retail 5,698 3,293 IL -------- -------- $ 28,261 $ 25,607 ======== ======== New Leases ($000's) Extension Property Previous Extended Rent Per Tenants/Guarantors Location Type Term Term Annum - ------------------ -------- ---- ---- ---- ----- The Visiting Nurse Dallas, TX Office -- Jun-16 $ 615 Association of Texas New Financings ($000's) Tenants/Guarantors Location Amount Rate Maturity Date - ------------------ -------- ------ ---- ------------- Harbor Freight Tools USA, Dillon, SC $ 23,750 5.97% Feb-22 Inc. (i) Structure, LLC Omaha, NE 9,000 5.61 Apr-16 (Infocrossing, Inc.)(2) (i) Structure, LLC Tempe, AZ 8,500 5.61 Apr-16 (Infocrossing, Inc.)(2) AS Watson(1) Renswoude, The 33,136 5.31% Apr-11 ------- ---- Netherlands $ 74,386 5.59% ======= ====
(1) Lexington has a 90% interest in this property. (2) Lexington has a 32.3% interest in this property. 4 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06
- ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- Office - ------ 295 Chipeta Way Northwest Pipeline $ 1,580 $ 1,580 295,000 1982 Salt Lake City, UT Corp. 10001 Richmond Avenue Baker Hughes, Inc. 1,592 1,844 554,385 1976/1984 Houston, TX 6303 Barfield Road & 859 Internet Security 1,569 1,513 289,000 2003 Mount Vernon Hwy. Systems, Inc. Atlanta, GA 1701 Market Street Morgan Lewis & Bockius 1,211 1,214 322,317 1957 Philadelphia, PA LLP(1) (3) 3480 Stateview Blvd. Wells Fargo Bank N.A. 797 862 169,218 2004 Fort Mill, SC 33 Commercial Street Invensys Systems, Inc. 827 827 164,689 1982 Foxboro, MA (Siebe, Inc.) 3476 Stateview Boulevard Wells Fargo Home 717 755 169,083 2002 Fort Mill, SC Mortgage, Inc. 9950 Mayland Drive Circuit City Stores, Inc. 715 698 288,562 1990 Richmond, VA 1415 Wyckoff Road New Jersey Natural Gas Co. 731 731 157,511 1983 Wall Township, NJ 2750 Monroe Boulevard Quest Diagnostics, Inc. 617 639 109,281 1985/2001 Valley Forge, PA 700 Oakmont Lane North American Van 608 643 269,715 1989 Westmont, IL Lines, Inc. (SIRVA, Inc.) 70 Mechanic Street Invensys Systems, Inc. 732 640 251,914 1965/1988 Foxboro, MA (Siebe, Inc.) 13651 McLearen Road Boeing North American 683 619 159,664 1987 Herndon, VA Services, Inc. (The Boeing Company) 1311 Broadfield Blvd. Transocean, Inc. 571 569 103,260 2000 Houston, TX Newpark Resources, 282 284 52,731 Inc. 601 & 701 Experian Pkwy. TRW Inc. (Experian 960 843 292,700 1981/1983 Dallas, TX Information Solutions, Inc.) 2211 South 47th Street Avnet, Inc. 551 565 176,402 1997 Phoenix, AZ 5600 Broken Sound Blvd Oce Printing Systems 503 561 143,290 1983/2002 Boca Raton, FL USA, Inc. 4200 RCA Boulevard The Wackenhut Corp. 545 542 114,518 1996 Palm Beach Gardens, FL 701 Brookfield Parkway Verizon Wireless 500 517 192,884 2000/2001 Greenville, SC 19019 No. 59th Avenue Honeywell, Inc. 501 495 252,300 1985 Glendale, AZ 5 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06 - ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- 4201 Marsh Lane Carlson Restaurants 467 494 130,000 2003 Carrollton, TX Worldwide, Inc. 12645 W. Airport Road Baker Hughes, Inc. 566 486 165,836 1997 Sugar Land, TX 26210 and 26220 Apria Healthcare 435 448 100,012 2001 Enterprise Court Group, Inc. Lake Forest, CA 10475 Crosspoint Blvd. John Wiley & Sons, Inc. 599 599 141,047 1999 Fishers, IN 2210 Enterprise Drive Washington Mutual Home 438 425 177,747 1998 Florence, SC Loan, Inc. 27404 Drake Road Dana Corporation 583 545 111,454 1999 Farmington Hills, MI 200 Executive Blvd. S Hartford Fire 420 406 153,364 1983 Southington, CT Insurance Co. 810-820 Gears Road IKON Office Solutions, 557 563 157,790 2000 Houston, TX Inc. 1600 Eberhardt Road Nextel of Texas 369 390 108,800 2001 Temple, TX 2999 SW 6th St. Voice Stream PCS I LLC 334 388 77,484 2004 Redmond, OR (T-Mobile USA, Inc.) 160 Clairemont Avenue Allied Holdings, Inc. 419 382 112,248 1983 Decatur, GA 27016 Media Center Drive Playboy Enterprises, Inc. 335 314 63,049 2000 Los Angeles, CA Sony Electronics, Inc. 66 68 20,203 2800 Waterford Lake Dr. Alstom Power, Inc. 447 504 99,057 2000 Richmond, VA 26555 Northwestern Federal-Mogul 290 355 187,163 1963/1965 Highway Corporation Southfield, MI 10419 North 30th Street Time Customer Service, Inc. 368 352 132,981 1986 Tampa, FL (Time, Inc.) 250 Rittenhouse Circle Jones Apparel Group 316 346 255,019 1982 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 8555 South River Pkwy. ASM Lithography Holding 533 460 95,133 1998 Tempe, AZ NV 400 Butler Farm Road Nextel Communications of 329 326 100,632 1999 Hampton, VA the Mid-Atlantic, Inc. (Nextel Finance Company) 16676 Northchase Dr. Kerr-McGee Corporation 388 407 101,111 2003 Houston, TX 6200 Northwest Pkwy. PacifiCare Health Systems, 410 405 142,500 2000 San Antonio, TX Inc. 6 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06 - ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- 5757 Decatur Blvd. Allstate Insurance Co. 312 387 84,200 2002 Indianapolis, IN Holladay Property 19 19 5,756 Services 4000 Johns Creek Pkwy. Kraft Foods N.A., Inc. 334 346 73,264 2001 Atlanta, GA PerkinElmer 53 58 13,955 Instruments LLC 6455 State Hwy 303 NE Nextel West Corporation 242 278 60,200 2001 Bremerton, WA 270 Billerica Road Cadence Design Systems 254 266 100,000 1985 Chelmsford, MA 2550 Interstate Dr. AT&T Wireless Services, 357 362 81,859 1998 Harrisburg, PA Inc. 180 Rittenhouse Circle Jones Apparel Group 236 243 96,000 1998 Bristol, PA USA, Inc. (Jones Apparel Group, Inc.) 2529 West Thorns Drive Baker Hughes, Inc. 212 212 65,500 1981/1999 Houston, TX 12000 Tech Center Drive Kelsey-Hayes Company 191 206 80,230 1988 Livonia, MI 2401 Cherahala Boulevard Advance PCS, Inc. 196 205 59,748 2002 Knoxville, TN 1275 NW 128th Street Principal Life Insurance 200 187 61,180 2003 Clive, IA Company 13430 N. Black Canyon Bull HN Information 196 209 69,492 1985/1994/ Freeway Systems, Inc. 2005 Phoenix, AZ Associated Billing -- 51 17,767 Services, LLC VACANT -- -- 49,799 12600 Gateway Blvd. Gartner, Inc. 248 263 62,400 1997 Fort Meyers, FL 421 Butler Farm Road Nextel 184 180 56,515 2000 Hampton, VA Communications of the Mid-Atlantic, Inc. (Nextel Finance Company) 3940 South Teller St. Travelers Express, Inc. 273 216 68,165 2002 Lakewood, CO 100 Barnes Road Minnesota Mining and 145 151 44,400 1978/1985 Wallingford, CT Manufacturing Company 1440 East 15th Street Cox Communications, Inc. 116 114 28,591 1988 Tucson, AZ 250 Turnpike Road Honeywell Consumer 115 115 57,698 1984 Southborough, MA Products 11555 University Blvd. Kelsey-Seybold Clinic 279 307 72,683 2004 Sugarland, TX (St. Luke's Episcopal Health System) Nijborg 15 & 17, 3927 DA AS Watson (Health & Beauty 483 367 122,450 1993/2002 Renswoude, The Continental Netherlands Europe)(2) 7 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06 - ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- 2300 Litton Lane AGC Automotive Americas 51 60 21,542 1987 Hebron, KY Company VACANT -- -- 58,878 1600 Viceroy Drive The Visiting Nurse -- 26 48,027 1986 Dallas, TX Association of Texas VACANT -- -- 201,425 3615 North 27th Avenue VACANT -- -- 179,280 1960/1979 Phoenix, AZ 1301 California Circle VACANT -- -- 100,026 1985 Milpitas, CA ------------------- ------------- ----------- ------------- Subtotal $ 30,157 $ 30,432 9,202,084 ------------------- ------------- ----------- ------------- Industrial - ---------- 541 Perkins Jones Road Kmart Corp. $ 2,340 $ 2,233 1,462,642 1982 Warren, OH 19500 Bulverde Road Harcourt Brace 757 857 559,258 2001 San Antonio, TX 2425 Highway 77 North James Hardie Building 850 850 425,816 1996/1997 Waxahachie, TX Products, Inc. (James Hardie Industries NV) 3501 West Avenue H Michaels Stores, Inc. 809 826 762,775 1998/2002 Lancaster, CA 9110 Grogans Mill Road Baker Hughes, Inc. 919 766 275,750 1992 Houston, TX 159 Farley Drive Harbor Freight Tools 687 756 1,010,859 2001 Dillon, SC USA, Inc. (Central Purchasing, Inc.) 8305 SE 58th Avenue Associated 517 560 668,034 1976 Ocala, FL Grocers of Florida, Inc. 590 Ecology Lane Owens Corning 546 546 420,597 2001 Chester, SC 6345 Brackbill Boulevard Exel Logistics, Inc. 509 463 507,000 1985/1991 Mechanicsburg, PA (NFC plc) 3820 Micro Drive Ingram Micro Inc. 509 568 701,819 1997 Memphis, TN 431 Smith Lane Kirkland's, Inc. 357 357 771,120 2004 Jackson, TN 750 N. Black Branch Road Dana Corporation 710 710 539,592 1995/2001 Elizabethtown, KY 6938 Elm Valley Dr. Dana Corporation 461 461 150,945 1999 Kalamazoo, MI 4425 Purks Road Lear Technologies LLC 351 341 183,717 1989/1998 Auburn Hills, MI (Lear Corporation) (General Motors Corp.) 8 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06 - ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- 6 Doughten Road Exel Logistics, Inc. 372 337 330,000 1989 New Kingston, PA (NFC plc) 6500 Adelaide Court Anda 306 302 354,676 2002 Groveport, OH Pharmaceuticals, Inc. (Andrx Corporation) 7500 Chavenelle Road The McGraw-Hill 272 291 330,988 2002 Dubuque, IA Companies, Inc. 12025 Tech Center Drive Kelsey-Hayes Company 262 285 100,000 1987/1988 Livonia, MI 250 Swathmore Avenue Steelcase, Inc. 259 272 244,851 2002 High Point, NC Moody Commuter & Tech TNT Logistics 264 264 595,346 2004 Park North Moody, AL America, Inc. (TPG N.V.) 3102 Queen Palm Drive Time Customer Service, 256 252 229,605 1986 Tampa, FL Inc. (Time, Inc.) 2280 Northeast Drive Ryder Integrated 249 251 276,480 1996/1997 Waterloo, IA Logistics, Inc. (Ryder Systems, Inc.) 245 Salem Church Road Exel Logistics, Inc. 276 243 252,000 1985 Mechanicsburg, PA (NFC plc) 200 Arrowhead Drive Owens Corning 257 246 400,522 1999 Hebron, OH 3600 Southgate Drive Sygma Network, Inc. 233 233 149,500 2000 Danville, IL 46600 Port Street Johnson Controls, Inc. 241 241 134,160 1996 Plymouth, MI 1133 Poplar Creek Road Corporate Express 197 202 196,946 1998 Henderson, NC Office Products, Inc. (Buhrmann, N.V.) 301 Bill Byran Road Dana Corporation 363 363 410,844 1987/1997/ Hopkinsville, KY 2000 450 Stern Street Johnson Controls, Inc. 182 182 111,160 1996 Oberlin, OH 10000 Business Boulevard Dana Corporation 336 336 336,350 1988 Dry Ridge, KY 7670 Hacks Cross Road Dana Corporation 184 174 268,100 1989 Olive Branch, MS 34 East Main Street Exel Logistics, 180 163 179,200 1981 Inc. New Kingston, PA (NFC plc) 191 Arrowhead Drive Owens Corning 164 157 250,410 2000 Hebron, OH 904 Industrial Road Tenneco Automotive 147 150 195,640 1968/1972 Marshall, MI Operating Company, Inc. (Tenneco Automotive, Inc.) 9 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06 - ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- 109 Stevens Street Unisource Worldwide, Inc. 147 147 168,800 1958/1969 Jacksonville, FL 128 Crews Drive Stone Container 135 143 185,961 1968/1998 Columbia, SC Corporation 1901 49th Avenue Owens Corning 139 139 18,620 2003 Minneapolis, MN 7150 Exchequer Drive Corporate Express 109 110 79,086 1998 Baton Rouge, LA Office Products, Inc. (Buhrmann, N.V.) 4010 Airpark Drive Dana Corporation 199 199 162,468 1998/2000 Owensboro, KY 324 Industrial Park SKF USA, Inc. 99 99 72,868 1996 Road Franklin, NC 187 Spicer Drive Dana Corporation 89 85 148,000 1983/1985 Gordonsville, TN 730 N. Black Branch Dana Corporation 134 134 167,770 2001 Road Elizabethtown, KY 3350 Miac Cove Road Mimeo.com, Inc. 67 93 107,000 1987 Memphis, TN VACANT -- -- 34,359 300 McCormick Road Ameritech Services, Inc. 32 39 20,000 1990 Columbus, OH 1601 Pratt Avenue Joseph Campbell 35 35 58,300 1979 Company Marshall, MI 477 Distribution Pkwy. Federal Express -- 33 120,000 2005 Colliersville, TN Corporation ---------------------- -------------- ------------ ----------- Subtotal $ 16,507 $ 16,494 15,129,934 ---------------------- -------------- ------------ ----------- Retail - ------ 2655 Shasta Way Fred Meyer, Inc. $ 252 $ 252 178,204 1986 Klamath Falls, OR Fort Street Mall, Liberty House, Inc. 247 243 85,610 1980 King Street Honolulu, HI 150 N.E. 20th Street Fred Meyer, Inc. 323 323 118,179 1986 Newport, OR 35400 Cowan Road Sam's Real Estate 188 188 102,826 1987/1997 Westland, MI Business Trust 4733 Hills & Dales Scandinavian Health 186 171 37,214 1987 Road Spa, Inc. Canton, OH (Bally Total Fitness Corp.) 1160 White Horse Road Physical Fitness 205 123 31,750 1987 Voorhees, NJ Centers of Philadelphia, Inc. (Bally Total Fitness Corp.) 4831 Whipple Avenue, Best Buy Co., Inc. 116 116 46,350 1995 N.W. Canton, OH 10 Lexington Corporate Properties Trust Supplemental Reporting Package Property Holdings 3/31/06 - ------------------------- ----------------------- ----------- ---------- ------------ ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed/ Property Location Tenant (Guarantor) ($000) ($000) Footage Renovated - ------------------------- ----------------------- ----------- ---------- ------------ ---------- 3711 Gateway Drive Kohl's Dept. Stores, Inc. 117 116 76,164 1994 Eau Claire, WI 399 Peach Wood Centre Best Buy Co., Inc. 99 99 45,800 1996 Dr. Spartanburg, SC 12535 S.E. 82nd Avenue Toys "R" Us, Inc. 108 90 42,842 1981 Clackamas, OR 24100 Laguna Hills Federated Department 105 87 160,000 1974 Mall Stores, Inc. Laguna Hills, CA 18601 Alderwood Mall Toys "R" Us, Inc. 100 75 43,105 1981 Boulevard Lynwood, WA 6910 S. Memorial Toys "R" Us, Inc. 91 68 43,123 1981 Highway Tulsa, OK 9580 Livingston Road GFS Realty, Inc. 51 68 107,337 1976 Oxon Hill, MD (Giant Food, Inc.) 121 South Center Greyhound Lines, Inc. 54 54 17,000 1968 Street Stockton, CA 2401 Wooton Parkway GFS Realty, Inc. 29 38 51,682 1977 Rockville, MD (Giant Food, Inc.) ---------------------- -------------- ------------ ----------- Subtotal $ 2,271 $ 2,111 1,187,186 ---------------------- -------------- ------------ ----------- ---------------------- -------------- ------------ ----------- Grand Total $ 48,935 $ 49,037 25,519,204 ---------------------- -------------- ------------ ----------- (1) Company has an 80.5% economic interest in this property. (2) Company has a 90.0% economic interest in this property. (3) Includes 13,268 square feet of retail space of which 2,842 is vacant.
11 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/06
- ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed LXP Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated Ownership - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- Office - ------ 389-399 Interpace Aventis $ 2,307 $ 2,175 340,240 2000 33.33% Highway Pharmaceuticals, Inc Morris Corporate (Pharma Holdings Center IV GmbH) Parsippany, NJ 17 Technology Circle Blue Cross Blue Shield 1,844 1,733 456,304 1999/2001 40.00% Columbia, SC of South Carolina Inc. 275 South Valencia Bank of America NT & 1,893 2,277 637,503 1983 25.00% Ave. SA Los Angeles, CA 100 Wood Hollow Drive Greenpoint Mortgage 1,141 1,216 124,600 2001 30.00% Novato, CA Funding, Inc. 6555 Sierra Drive True North 1,115 1,062 247,254 1999 33.33% Irving, TX Communications Inc. 101 East Erie Building Foote, Cone & Belding 967 969 203,376 1986 30.00% Chicago, IL (Interpublic Group of Companies, Inc.) Higgins Development 29 30 19,089 1986 Partners Lexington Corporate 10 10 2,100 1986 Properties Trust 5200 Metcalf Avenue Employers Reinsurance 1,019 1,019 320,198 1980/1990/ 25.00% Overland Park, KS Corporation 2003 27027 Tourney Road Specialty 891 891 187,262 2004 30.00% Santa Clarita, CA Laboratories, Inc. 8900 Freeport Pkwy. Nissan Motor 1,107 1,203 268,445 2002 30.00% Irving, TX Acceptance Corporation/ (Nissan North America, Inc.) 15375 Memorial Drive Vastar Resources, Inc. 859 859 327,325 1985 33.33% Houston, TX 10300 Kincaid Drive Bank One Indiana, N.A. 845 822 193,000 1999 33.33% Fishers, IN 10300 Town Park Drive Veritas DGC, Inc. 778 812 218,641 2000 30.00% Houston, TX 600 International First USA Management 745 730 125,155 1997 33.33% Parkway Services, Inc. Lake Mary, FL 550 International First USA Management 719 705 125,920 1999 33.33% Parkway Services, Inc. Lake Mary, FL 10940 White Rock Road Progressive Casualty 685 701 158,582 2002 30.00% 10929 Disk Drive Insurance Rancho Cordova, CA Company 2000 Eastman Drive Structural Dynamic 698 697 212,836 1991 33.33% Milford, OH Research Corp. 3701 Corporate Drive Motorola, Inc. 678 678 119,829 2001 33.33% Farmington Hills, MI 2050 Roanoke Road Chrysler Financial 797 885 130,290 2001 30.00% Westlake, TX Company LLC 12 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/06 - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed LXP Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated Ownership - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- 1401 & 1501 Nolan Siemens Dematic 596 633 236,547 2003 25.00% Ryan Postal Parkway Automation, L.P. Arlington, TX 9201 East Dry Creek The Shaw Group, Inc. 518 627 128,500 2001/2002 30.00% Road Centennial, CO 110, 120 & 130 E. Capital One 702 722 225,220 1998/2000 30.00% Shore Dr. Services, Inc. Richmond, VA 1475 Dunwoody Drive ING USA Annuity and Life 516 510 125,000 1998/1999 30.00% West Chester, PA Insurance Company 13775 McLearen Road Equant N.V. 462 503 125,293 1984/1988/ 30.00% Herndon, VA 1992 70 Valley Stream IKON Office 481 499 106,855 1987 30.00% Parkway Solutions, Inc. Malvern, PA 5150 220th Avenue Spacelabs Medical, Inc 481 487 106,944 1992 25.00% Issaquah, WA (OSI Systems, Inc.) 9201 Stateline Employers Reinsurance 472 472 166,641 1963/1985/ 25.00% Kansas City, MO Corporation 2003 22011 SE 51st Street Spacelabs Medical, Inc 436 417 95,600 1987 25.00% Issaquah, WA (OSI Systems, Inc.) 1110 Bayfield Drive Honeywell 409 409 166,575 1980/2002 33.33% Colorado Springs, CO International, Inc. 3601 Converse Drive Verizon Wireless 383 406 160,500 2004 25.00% Wilmington, NC 275 Technology Drive ANSYS, Inc. 310 338 107,872 1996 30.00% Canonsburg, PA Renner Blvd. Voicestream PCS II 299 338 77,484 2004 25.00% Lenexa, KS Corporation (T-Mobile USA, Inc.) East Goldstone Drive Voicestream PCS II 292 330 77,484 2004 25.00% Meridian, ID Corporation (T-Mobile USA, Inc.) 1409 Centerpoint Blvd. Alstom Power, Inc. 359 409 84,404 2001 32.30% Knoxville, TN 3201 Quail Springs AT& T Wireless 336 341 103,500 1999 40.00% Pkwy. Services, Inc. Oklahoma City, OK Jordan Associates, 83 83 25,000 Inc. 200 Lucent Lane Lucent Technologies, Inc. 506 542 124,944 1999 30.00% Raleigh, NC 4455 American Way Bell South 258 273 70,100 1997 30.00% Baton Rouge, LA Mobility, Inc. 3711 San Gabriel Voice Stream PCS II LLC 225 246 75,016 2004 30.00% Mission, TX (T-Mobile USA, Inc.) 13 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/06 - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed LXP Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated Ownership - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- 4848 129th East Ave. Metris Companies, Inc. 327 327 101,100 2000 32.30% Tulsa, OK 2310 Village Square AmeriCredit 360 305 85,000 2001 32.30% Pkwy. Corporation Jacksonville, FL 4001 International Accor S.A. 746 808 138,443 2003 25.00% Pkwy. (Motel 6 Operating Carrollton, TX L.P.) 350 Rhode Island California Culinary 623 599 103,838 2002 30.00% Street Academy, San Francisco, CA LLC (Career Education Corp.) Starbucks Coffee 17 18 1,500 Company (Retail) VACANT -- -- 20,006 2500 Patrick Henry Georgia Power 353 378 111,911 1999 25.00% Pkwy. Company McDonough, GA First Park Drive Omnipoint Holdings, Inc. 296 341 78,610 2005 25.00% Oakland, ME (T-Mobile USA, Inc.) 11707 Miracle Hills (i) Structure, LLC 292 292 86,800 1995 32.30% Drive (Infocrossing, Omaha, NE Inc.) 2005 East Technology (i) Structure, LLC 282 282 60,000 1998 32.30% Circle (Infocrossing, Tempe, AZ Inc.) ---------------------- -------------- ----------- ------------ Subtotal Office $ 30,547 $ 31,409 7,594,636 ---------------------- -------------- ----------- ------------ Industrial - ---------- 101 Michelin Drive TNT Logistics North $ 776 $ 807 1,164,000 1991/1993 33.33% Laurens, SC America, Inc. (TPG N.V.) Philipp Parkway L'Oreal USA, Inc. 573 630 649,250 2004 25.00% Streetsboro, OH 7111 Crabb Road TNT Logistics North 519 540 752,000 1978/1993 33.33% Temperance, MI America, Inc. (TPG N.V.) 6050 Dana Way Dana Corporation(1) 611 535 677,400 1999 30.00% Antioch, TN 3600 Army Post Rd. EDS Information 653 714 405,000 2002 30.00% Des Moines, IA Services LLC (Electronic Data Systems Corporation) 2400 West Haven Michaels Stores 495 495 693,185 2004 30.00% Avenue Procurement New Lenox, IL Company, Inc. (Michaels Stores, Inc.) 43955 Plymouth Oaks Tower Automotive Products 471 471 290,133 1996/1998 30.00% Boulevard Company Plymouth, MI (Tower Automotive, Inc.) 121 Technology Drive Heidelberg Web Systems, 338 462 500,500 1986/2003 33.33% Durham, NH Inc. 14 Lexington Corporate Properties Trust Supplemental Reporting Package Joint Venture Property Holdings 3/31/06 - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- YTD YTD Base Cash Base GAAP Year Revenue Revenue Square Constructed LXP Property Location Tenant (Guarantor) ($000) ($000) Footage /Renovated Ownership - ----------------------- ---------------------- -------------- ------------ ----------- ---------- ---------- 3225 Meridian Hagemeyer Foods, Inc. 371 402 201,845 1995 30.00% Parkway Weston, FL 291 Park Center Kraft Foods North 355 378 344,700 2001 33.33% Drive Winchester, VA America, Inc. 1109 Commerce Linens-n-Things, Inc. 315 313 262,644 1998 30.00% Boulevard Logan Township, NJ 3245 Meridian Circuit City Stores, 262 292 230,600 1995 30.00% Parkway Inc. Weston, FL 359 Gateway Drive TI Group Automotive 300 300 133,221 2005 32.30% Livonia, GA Systems, LLC 900 Industrial Dana Corporation 94 94 172,800 2005 32.30% Boulevard Crossville, TN ---------------------- -------------- ----------- ------------ Subtotal Industrial $ 6,133 $ 6,433 6,477,278 ---------------------- -------------- ----------- ------------ Retail - ------ 12080 Carmel Kmart Corporation $ 44 $ 245 107,210 1993 30.00% Mountain Road San Diego, CA 5350 Leavitt Road Kmart Corporation 98 182 193,193 1993 30.00% Lorain, OH 255 Northgate Drive Kmart Corporation 69 129 107,489 1993 30.00% Manteca, CA 21082 Pioneer Plaza Kmart Corporation 65 121 120,727 1993 30.00% Drive Watertown, NY 97 Seneca Trail Kmart Corporation 46 77 90,933 1993 30.00% Fairlea, WV 1150 West Carl Kmart Corporation 39 72 94,970 1992 30.00% Sandburg Drive Galesburg, IL ---------------------- -------------- ----------- ------------ Subtotal Retail $ 361 $ 826 714,522 ---------------------- -------------- ----------- ------------ ---------------------- -------------- ----------- ------------ Grand Total $ 37,041 $ 38,668 14,786,436 ---------------------- -------------- ----------- ------------ (1) Tenant rejected the lease in bankruptcy as of March 31, 2006.
15 The Lexington Corporate Properties Trust Supplemental Reporting Package Properties by Location 3/31/06
Historical 3-Month Ended March 31, 2006(1) ----------------------- No. of Number of Percent Square Base Rent Percent of Locations Location Properties(3) Leased(4) Feet(2) ($000's) Base Rent - ----------- -------------- ---------- ---------- ---------- ------------------------ 1 Texas 23 96.1% 5,099,533 $ 11,247 18.3% 2 South 10 100.0 3,992,453 5,065 8.3 Carolina 3 Pennsylvania 12 99.9 2,472,403 4,414 7.2 4 Ohio 11 100.0 3,738,253 3,890 6.3 5 California 13 95.5 2,671,055 3,506 5.7 6 Florida 12 100.0 2,288,148 3,462 5.6 7 Michigan 13 100.0 2,466,397 3,354 5.5 8 Virginia 8 100.0 1,399,643 2,820 4.6 9 Georgia 5 100.0 733,599 2,484 4.0 10 Arizona 8 75.3 928,764 2,453 4.0 11 Massachusetts 4 100.0 574,301 1,848 3.0 12 Kentucky 6 96.5 1,697,444 1,802 2.9 13 New Jersey 4 100.0 792,145 1,673 2.7 14 Tennessee 9 87.0 2,876,650 1,664 2.7 15 Utah 1 100.0 295,000 1,580 2.6 16 Illinois 6 100.0 1,431,935 1,448 2.4 17 Indiana 3 100.0 424,003 1,279 2.1 18 Oregon 4 100.0 416,709 1,053 1.7 19 Iowa 4 100.0 1,073,648 943 1.5 20 North 5 100.0 800,109 837 1.4 Carolina 21 Washington 4 100.0 305,849 579 0.9 22 Connecticut 2 100.0 197,764 557 0.9 23 Colorado 3 100.0 363,240 540 0.9 24 The 1 100.0 122,450 367 0.6 Netherlands 25 Oklahoma 3 100.0 272,723 343 0.6 26 Kansas 2 100.0 397,682 339 0.6 27 Alabama 1 100.0 595,346 264 0.4 28 Hawaii 1 100.0 85,610 243 0.4 29 Louisiana 2 100.0 149,186 192 0.3 30 Mississippi 1 100.0 268,100 174 0.3 31 New Hampshire 1 100.0 500,500 154 0.3 32 Minnesota 1 100.0 18,620 139 0.2 33 Missouri 1 100.0 166,641 118 0.2 34 Wisconsin 1 100.0 76,164 116 0.2 35 Maryland 2 100.0 159,019 106 0.2 36 Nebraska 1 100.0 86,800 96 0.2 37 Maine 1 100.0 78,610 85 0.1 38 Idaho 1 100.0 77,484 83 0.1 39 New York 1 100.0 120,727 36 0.1 40 West Virginia 1 100.0 90,933 24 -- -------------- ---------- ---------- ---------- ----------- ------------ Total 192 97.6% 40,305,640 $ 61,377 100.00% -------------- ---------- ---------- ---------- ----------- ------------ (1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. (2) Includes properties owned as of March 31, 2006. (3) Includes properties owned during the three months ended March 31, 2006. (4) As of March 31, 2006.
16 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule by Property Type - Cash Basis 3/31/06
Office Industrial Retail - ----------- ---------- ----------- ------------ ---------- ----------- ------------ --------- ------------ ----------- Square Cash Rental Net Rent Square Cash Rental Net Rent Square Cash Rental Net Rent Year Footage Revenue(1) PSF Footage Revenue(1) PSF Footage Revenue(1) PSF - ----------- ---------- ----------- ------------ ---------- ----------- ------------ --------- ------------ ----------- 2006 270,700 $2,386 $ 8.82 938,237 $ 5,097 $ 5.43 -- $ -- $ -- 2007 186,504 2,024 14.11 1,920,942 10,802 5.62 -- -- -- 2008 444,270 6,240 14.49 -- -- -- 215,418 1,788 8.30 2009 1,837,317 17,924 16.21 831,966 2,015 3.40 205,436 1,943 9.46 2010 2,135,992 17,670 13.91 675,655 2,436 3.61 -- -- -- 2011 1,002,689 10,757 20.63 1,046,519 536 4.67 247,249 1,659 6.71 2012 1,860,247 18,282 12.69 4,137,095 9,289 4.30 -- -- -- 2013 1,659,473 21,097 15.80 79,086 483 6.11 -- -- -- 2014 1,864,411 18,140 15.68 965,160 3,522 3.65 267,337 496 1.85 2015 2,267,937 20,952 14.17 463,870 4,232 9.12 76,164 469 6.15 2016 557,669 6,237 17.60 1,000,158 4,766 5.08 -- -- -- 2017 128,500 694 17.99 806,439 2,754 4.32 83,432 596 7.14 2018 556,288 5,446 15.43 668,034 2,519 3.77 806,672 1,175 2.37 2019 502,931 3,971 19.67 2,183,145 5,519 3.50 -- -- -- 2020 294,583 4,238 18.36 666,037 4,184 7.51 -- -- -- 2021 268,965 6,798 25.27 1,281,804 5,801 4.53 -- -- -- 2022 -- -- -- -- -- -- -- -- -- 2023 -- -- -- -- -- -- -- -- -- 2024 187,262 1,069 19.02 693,185 568 2.73 -- -- -- 2025 146,800 764 15.63 2,037,621 9,154 3.20 -- -- -- 2026 -- -- -- 500,500 427 2.56 -- -- -- Weighted Average $15.71 $ 4.45 $ 4.66 ====== ====== ====== (1) Includes proportionate share of joint venture investments.
17 Lexington Corporate Properties Trust Supplemental Reporting Package Lease Rollover Schedule - GAAP Basis 3/31/06 ($000's) Percentage of Total Total Number of Annualized Base Annualized Year Leases Expiring Rent (1) Base Rent - -------------------------------------------------------------------------------- 2006 - remaining 8 $ 5,780 2.4% 2007 7 12,293 5.1 2008 7 7,509 3.1 2009 17 22,449 9.2 2010 19 19,274 7.9 2011 15 15,758 6.5 2012 22 25,599 10.5 2013 14 21,071 8.7 2014 19 22,485 9.3 2015 18 27,489 11.3 2016 11 10,152 4.2 2017 6 4,009 1.6 2018 12 9,642 4.0 2019 8 8,752 3.6 2020 6 7,974 3.3 2021 5 10,113 4.2 2022 -- -- -- 2023 -- -- -- 2024 2 1,665 0.7 2025 8 9,893 4.1 2026 1 617 0.3 -------------------------------------------------------------- Total 205 $ 242,524 100.0% ============================================================== (1) Includes proportionate share of joint venture investments. 18 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 3/31/06 ($000's)
- --------------------------- --------------- ----------- ----------- ------------- ---------------- Current Estimated Debt Interest Annual Balloon Property - Fixed Rate Balance Rate Maturity Debt Service(d) Payment - --------------------------- --------------- ----------- ----------- ------------- ---------------- Warren, OH(b) $ 8,629 7.000% Oct-07 $ 6,160 $ -- Bristol, PA 9,483 7.400 Feb-08 831 9,262 Boca Raton, FL 15,275 5.250 Mar-08 802 15,275 Decatur, GA 6,383 6.720 Jun-08 579 6,049 Phoenix, AZ 13,466 7.890 Jun-08 1,434 12,591 Palm Beach Gardens, FL 10,916 7.010 Jun-08 970 10,418 Canton, OH 3,150 7.150 Aug-08 313 2,936 Spartanburg, SC 2,616 7.150 Aug-08 260 2,438 Ocala, FL(g) 12,083 7.250 Feb-09 1,332 10,700 Florence, SC 9,003 7.500 Feb-09 869 8,443 Canton, OH 984 9.490 Feb-09 388 -- Baton Rouge, LA 1,731 7.375 Mar-09 208 1,478 Livonia, MI 10,732 7.800 Apr-09 992 10,236 Bristol, PA 5,731 7.250 Apr-09 571 5,228 Henderson, NC(g) 4,196 7.390 May-09 417 3,854 Westland, MI 1,993 10.500 Sep-09 683 -- Salt Lake City, UT 8,841 7.610 Oct-09 2,901 -- High Point, NC 8,533 5.750 Oct-09 695 7,741 Richmond, VA 16,081 8.100 Feb-10 1,511 15,257 Hampton, VA 7,126 8.270 Apr-10 677 6,758 Hampton, VA 4,370 8.260 Apr-10 415 4,144 Tampa, FL 8,121 6.930 Aug-10 674 7,603 Tampa, FL 5,873 6.880 Aug-10 485 5,495 Herndon, VA 18,404 8.180 Dec-10 1,723 17,301 Columbia, SC(g) 3,277 7.540 Jan-11 317 2,905 Tucson, AZ 2,343 7.500 Jan-11 226 2,076 Valley Forge, PA 12,510 7.120 Feb-11 1,166 10,927 Renswoude, NA(f) 33,136 5.305 Apr-11 2,214 29,612 Glendale, AZ 14,411 7.400 Apr-11 1,258 13,365 Dallas, TX 30,582 5.126 May-11 1,589 30,582 Farmington Hills, MI 20,550 5.126 May-11 1,298 19,020 Wallingford, CT 3,453 4.926 May-11 213 3,187 Auburn Hills, MI 6,877 7.010 Jun-11 637 5,918 Plymouth, MI 4,578 7.960 Jul-11 463 3,949 Newport, OR 6,740 5.030 Aug-11 470 5,980 Greenville, SC 13,367 4.415 Jan-12 841 11,806 New Kingston, PA 7,001 7.790 Jan-12 678 6,101 Mechanicsburg, PA 5,168 7.780 Jan-12 500 4,503 New Kingston, PA 3,336 7.780 Jan-12 323 2,906 Lake Forest, CA 10,578 7.260 Feb-12 901 9,708 Memphis, TN 17,827 5.247 May-12 1,143 16,222 Lakewood, CO 8,694 5.097 May-12 547 7,890 Groveport, OH 7,625 6.030 Oct-12 563 6,860 San Antonio, TX 29,480 6.080 Oct-12 2,260 26,025 Foxboro, MA(b) 17,443 6.000 Jan-13 4,265 -- Fort Mill, SC 11,192 6.000 Jan-13 839 9,904 Waterloo, IA 6,144 5.610 Feb-13 672 3,505 Atlanta, GA 45,238 5.268 May-13 2,907 40,356 Houston, TX 17,660 5.218 May-13 1,128 15,737 Southington, CT 13,780 5.018 May-13 858 12,228 Tempe, AZ 13,648 5.148 May-13 864 12,144 Indianapolis, IN 9,638 5.168 May-13 612 8,580 Fort Meyers, FL 8,912 5.268 May-13 476 8,550 Chelmsford, MA 7,008 5.118 May-13 442 6,231 Lancaster, CA (first) 10,259 7.020 Sep-13 900 8,637 Lancaster, CA (second) 8,645 5.920 Sep-13 642 7,518 Knoxville, TN 5,146 5.950 Sep-13 381 4,496
19 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages and Notes Payable 3/31/06 ($000's)
- --------------------------- --------------- ----------- ----------- ------------- ---------------- Current Estimated Debt Interest Annual Debt Balloon Property - Fixed Rate Balance Rate Maturity Service(d) Payment - --------------------------- --------------- ----------- ----------- ------------- ---------------- Foxboro, MA(b) 22,174 6.000 Jan-14 4,916 -- Moody, AL 7,453 4.978 Jan-14 493 6,350 Mechanicsburg, PA 13,341 5.730 Mar-14 1,045 10,538 Redmond, OR 9,853 5.616 Apr-14 697 8,484 Clive, IA 5,920 5.139 May-14 374 5,151 Fort Mill, SC 20,300 5.373 May-14 1,106 18,311 Philadelphia, PA(e) 49,000 5.060 Jul-14 2,514 43,547 Jackson, TN 10,185 5.930 Jul-14 743 8,820 Eau Claire, WI 1,887 8.000 Jul-14 313 -- Carrollton, TX 14,292 5.530 Jan-15 993 12,022 Southfield, MI 10,621 4.550 Feb-15 1,058 4,454 Franklin, NC 1,698 8.500 Mar-15 271 -- Kalamazoo, MI 17,625 5.411 May-15 1,153 15,087 Houston, TX 16,977 5.160 May-15 1,076 14,408 Houston, TX 13,254 5.210 May-15 846 11,265 Fishers, IN 13,182 5.160 May-15 836 11,188 San Antonio, TX 13,071 5.340 May-15 847 11,149 Los Angeles, CA 11,500 5.110 May-15 725 9,760 Atlanta, GA 11,325 5.260 May-15 604 10,502 Richmond, VA 10,608 5.310 May-15 685 9,055 Harrisburg, PA 9,180 5.110 May-15 578 7,780 Elizabethtown, KY(h) 16,584 4.990 Jul-15 1,076 13,831 Hopkinsville, KY(h) 9,717 4.990 Jul-15 631 8,104 Dry Ridge, KY(h) 7,856 4.990 Jul-15 510 6,551 Owensboro, KY(h) 7,026 4.990 Jul-15 456 5,860 Elizabethtown, KY(h) 3,124 4.990 Jul-15 203 2,605 Southborough, MA 1,850 7.500 Sep-15 275 -- Houston, TX(b) 64,734 6.250 Sep-15 6,428 18,318 Houston, TX(b) 26,130 6.250 Sep-15 2,151 6,985 Sugar Land, TX(b) 16,960 6.250 Sep-15 1,647 6,286 Houston, TX(b) 7,422 6.250 Sep-15 668 2,222 Temple, TX 8,967 6.090 Jan-16 668 7,446 Danville, IL 6,383 9.000 Jan-16 692 4,578 Bremerton, WA 6,628 6.090 Apr-16 494 5,465 Dubuque, IA 10,849 5.402 Jun-17 733 8,725 Westmont, IL 15,449 6.210 Mar-18 1,292 9,662 Houston, TX 9,979 5.640 Dec-20 692 7,018 Wall Township, NJ(b) 29,675 6.250 Jan-21 2,013 -- Dillon, SC 23,677 5.974 Feb-22 1,832 13,269 Chester, SC 13,742 5.380 Aug-25 1,144 362 --------- ----- ------- ------ $ 1,180,164 5.975% $ 103,961 $ 865,793 --------- ------ ------- ------- Property-Variable Rate - ---------------------- Milpitas, CA (a) $ 11,870 8.330% July-06 $ -- $ 11,870 --------- ------ -------- ------ Corporate - --------- Credit Facility (c) $ -- -- June-08 $ -- $ -- ---------- ------- -------- ------- Total $ 1,192,034 5.999% $ 103,961 $ 877,663 ========= ====== ========= =======
20 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 3/31/06 (000's) (a) The Company informed the lender that it will no longer make debt service payments on this loan. (b) Debt balances based upon imputed interest rates. (c) Floating rate debt 30/60/90 day LIBOR plus 120 to 170 bps. (d) Remaining payments for debt with less than 12 months to maturity. (e) The Company has an 80.5% interest in the property securing the mortgage. (f) The Company has a 90.0% interest in the property securing the mortgage. (g) Included in discontinued operations. (h) Debt balances are net of mortgage investment made by Lexington. All other figures are gross amounts owed. 21 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 3/31/06 (000's)
- -------------------------- ------------ ------------ ----------- ------------ -------------- -------------- Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - -------------------------- ------------ ------------ ----------- ------------ -------------- -------------- Santa Clarita, CA $ 28,200 $ 8,460 4.750 Oct-09 $ 1,340 $ 28,200 Columbia, SC 23,766 9,506 7.850 Oct-09 2,196 22,586 Houston, TX 20,221 6,734 7.580 Oct-09 2,032 18,229 Fishers, IN 14,422 4,803 8.190 Apr-10 1,499 12,960 Lorain, OH(1) 3,397 1,019 6.000 Jul-10 873 -- Manteca, CA(1) 2,400 720 6.000 Jul-10 617 -- Watertown, NY(1) 2,257 677 6.000 Jul-10 580 -- Fairlea, WV(1) 1,585 476 6.000 Jul-10 407 -- San Diego, CA(1) 1,530 459 6.000 Jul-10 393 -- Galesburg, IL(1) 1,347 404 6.000 Jul-10 346 -- Irving, TX 25,952 8,642 8.160 Oct-10 2,432 24,454 Lake Mary, FL 12,915 4,301 7.880 Oct-10 1,181 12,118 Lake Mary, FL 12,877 4,288 7.880 Oct-10 1,178 12,082 Parsippany, NJ 39,946 13,302 7.350 Mar-11 3,472 37,047 Novato, CA 22,156 6,647 5.750 Jul-11 1,600 20,307 Winchester, VA 10,501 3,497 7.330 Aug-11 908 9,675 Milford, OH 16,220 5,401 8.170 Feb-12 1,764 12,686 Des Moines, IA 22,761 6,828 5.147 May-12 1,188 22,153 Fort Worth, TX 19,645 5,894 5.097 May-12 1,236 17,823 Raleigh, NC 12,900 3,870 4.947 May-12 647 12,543 Farmington Hills, MI 20,526 6,841 5.420 Sep-12 1,500 17,724 Laurens, SC 16,863 5,620 6.000 Sep-12 1,396 14,022 Temperance, MI 11,304 3,768 6.000 Sep-12 936 9,400 Baton Rouge, LA 6,768 2,030 4.900 Oct-12 443 5,943 Plymouth, MI 12,219 3,666 6.220 Dec-12 1,026 10,026 Colorado Springs, CO 11,546 3,848 6.250 Dec-12 887 10,272 Centennial, CO 15,467 4,640 6.150 Feb-13 1,177 13,555 Los Angeles, CA 80,182 20,046 5.330 May-13 4,333 73,071 Dallas, TX 40,921 12,276 5.218 May-13 2,613 36,453 Malvern, PA 13,006 3,902 5.530 Jan-14 916 11,236 Arlington, TX 21,432 5,358 5.810 Feb-14 1,551 18,588 New Lenox, IL 17,400 5,220 5.510 Feb-14 972 17,400 Logan Township, NJ 7,690 2,307 4.760 Apr-14 371 6,784 Rancho Cordova, CA(1) 18,462 5,539 6.000 Sept-14 1,457 14,646 Weston, FL 10,669 3,201 5.420 Nov-14 733 9,066 Issaquah, WA 32,800 8,200 5.001 Dec-14 1,663 30,388 Canonsburg, PA 9,095 2,729 5.377 Dec-14 489 9,095 Chicago, IL 29,900 8,970 5.105 Jan-15 1,548 29,900 Herndon, VA 12,192 3,658 5.920 Apr-15 888 10,359 Richmond, VA 19,800 5,940 5.110 May-15 1,026 18,321 Oklahoma City, OK 14,749 5,900 5.240 May-15 784 13,673 Knoxville, TN 7,800 2,519 5.310 May-15 504 6,658 Tulsa, OK 7,688 2,483 5.060 May-15 481 6,517 Jacksonville, FL 5,804 1,875 5.110 May-15 366 4,927 McDonough, GA 12,675 3,169 5.212 Jun-15 670 11,349 Mission, TX 6,408 1,922 5.780 Jun-15 462 5,371 Carrollton, TX 20,800 5,200 5.274 Jul-15 1,112 18,677 Houston, TX 23,910 7,173 5.410 Oct-15 1,311 21,846 Omaha, NE 9,000 2,907 5.610 Apr-16 621 7,563 Tempe, AZ 8,500 2,746 5.610 Apr-16 586 7,142 Wilmington, NC 13,000 3,250 5.190 Mar-17 684 11,580 Weston, FL 7,370 2,211 5.520 Nov-17 512 5,758 Lorain, OH(1) 1,470 441 6.000 Jul-18 108 -- Manteca, CA(1) 1,039 312 6.000 Jul-18 77 -- Watertown, NY(1) 977 293 6.000 Jul-18 72 -- Fairlea, WV(1) 686 206 6.000 Jul-18 51 -- San Diego, CA(1) 662 199 6.000 Jul-18 49 -- Galesburg, IL(1) 583 175 6.000 Jul-18 43 -- Overland Park, KS 37,620 9,405 5.830 May-19 2,224 31,819
22 Lexington Corporate Properties Trust Supplemental Reporting Package Mortgages Payable 3/31/06 (000's)
- -------------------------- ------------ ------------ ----------- ------------ -------------- -------------- Current LXP Estimated Debt Proportionate Interest Annual Balloon Joint Venture Property Balance Share Rate Maturity Debt Service Payment - -------------------------- ------------ ------------ ----------- ------------ -------------- -------------- Kansas City, MO 17,950 4,488 5.830 May-19 1,061 15,182 West Chester, PA 10,529 3,159 6.750 Jul-19 1,204 -- Meridian, ID 10,257 2,564 6.010 Aug-19 753 7,658 Streetsboro, OH 20,200 5,050 5.285 Sept-19 1,082 16,338 San Francisco, CA 22,080 6,624 5.580 Nov-19 1,249 18,002 Lenexa, KS 10,307 2,577 6.270 Dec-19 774 7,755 Oakland, ME 10,439 2,610 5.930 Oct-20 750 7,660 Livonia, GA 10,038 3,242 5.460 Dec-20 741 5,895 Durham, NH 19,182 6,393 6.730 Mar-21 1,309 -- Antioch, TN 14,185 4,256 7.940 Oct-21 1,580 774 ------- ------- --------- -------- ------- $1,029,148 $ 307,036 5.951% $ 73,034 $ 861,256 ========= ======= ========== ======== =======
1. Debt balances based upon imputed rates. 23 Lexington Corporate Properties Trust Supplemental Reporting Package Debt Maturity Schedule 3/31/06 ($000's)
Consolidated properties - ----------------------------------------------------------------------------------------- Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2006 - remaining $ 18,360 $ 11,870 (1) 8.33% 2007 36,373 -- -- 2008 31,220 58,969 6.79 2009 32,389 47,680 7.18 2010 31,211 56,558 7.88 ------- ------- --------- $ 149,553 $ 175,077 7.35% ======= ======= ========= Joint venture properties - LXP proportionate share - ----------------------------------------------------------------------------------------- Scheduled Balloon Balloon Weighted Amortization Payments Average Interest Rate ------------ -------- --------------------- 2006 - remaining $ 2,809 $ -- -- 2007 4,082 -- -- 2008 4,493 -- -- 2009 5,170 23,570 6.67% 2010 5,103 20,538 8.06 ------- ------- --------- $ 21,657 $ 44,108 7.31% ======= ======= ========= (1) The Company notified lender it will no longer make debt service payments.
24 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue By Tenant Industry 3/31/06 - ---------------------------------------------------- -------------------------- Percentage of Historical Tenant Industry Annual Base Rent (1) - ---------------------------------------------------- -------------------------- Energy 13.3% Finance/Insurance 12.5 Technology 10.7 Automotive 9.6 Telecommunications 5.5 Healthcare 5.4 Transportation/Logistics 5.3 Retail-Department/ Discount Store 5.1 Consumer Products 5.0 Food 4.3 Media/Advertising 4.1 Construction Materials 3.6 Printing/Production 3.5 Retail-Specialty 2.8 Aerospace/Defense 2.2 Service 2.1 Retail-Electronics 1.6 Apparel 1.0 Security 0.9 Health/Fitness 0.6 Paper/Containers & Packaging 0.5 Real Estate 0.4 ------- 100.0% (1) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through date of sale. 25 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 3/31/06 Percent of Base Rent for the 3 Months Ended 3/31/06 - ------ -------------------------------------------------- ------------------- 1 Houston-TX 9.73% 2 Dallas-Fort Worth-TX 5.84% 3 Philadelphia-Wilmington-PA 4.83% 4 Detroit-MI 4.42% 5 Los Angeles-Riverside-Orange County-CA 4.21% 6 Atlanta-GA 3.90% 7 Phoenix-Mesa-AZ 3.81% 8 Youngstown-Warren-OH 3.64% 9 Boston-MA 3.26% 10 Charlotte-NC 2.64% 11 Salt Lake City-UT 2.58% 12 Harrisburg-PA 2.56% 13 New York-Northern New Jersey 2.37% 14 Richmond-VA 2.31% 15 Indianapolis-IN 2.09% 16 San Antonio-TX 2.06% 17 Chicago-IL 1.95% 18 West Palm Beach-Boca Raton-FL 1.80% 19 Washington-Baltimore-DC-MD 1.43% 20 Memphis-TN 1.42% 21 Elizabethtown, KY 1.38% 22 Columbia-SC 1.36% 23 Dillon-SC 1.23% 24 Columbus-OH 1.21% 25 Kalamazoo-Battle Creek-MI 1.05% 26 Cincinnati-OH 1.02% 27 Greenville-Spartanburg-SC 1.00% 28 Tampa-St. Petersburg-FL 0.99% 29 San Francisco-CA 0.95% 30 Seattle-WA 0.94% 31 Ocala-FL 0.91% 32 Chester-SC 0.89% 33 Norfolk-Virginia Beach-Newport News-VA 0.83% 34 Orlando-FL 0.78% 35 Kansas City-MO-KS 0.75% 36 Florence-SC 0.69% 37 Hartford-CT 0.66% 38 Denver-CO 0.66% 39 Des Moines-IA 0.65% 40 Cleveland-OH 0.64% 41 Killeen-Temple-TX 0.64% 42 Redmond-OR 0.63% 43 Renswoude, Netherland 0.60% 44 Clarksville-TN 0.59% 45 Jackson-TN 0.58% 46 Knoxville-TN 0.55% 47 Dubuque-IA 0.47% 48 Canton-OH 0.47% 26 Lexington Corporate Properties Trust Supplemental Reporting Package Revenue by MSA 3/31/06 Percent of Base Rent for the 3 Months Ended 3/31/06 - ------ -------------------------------------------------- ------------------- 49 Greensboro-Winston-Salem-NC 0.44% 50 Laurens-SC 0.44% 51 Birmingham-AL 0.43% 52 Fort Meyers-FL 0.43% 53 Klamath Falls-OR 0.41% 54 Waterloo-Cedar Falls-IA 0.41% 55 Jacksonville-FL 0.40% 56 Honolulu-HI 0.40% 57 Danville-IL 0.38% 58 Sacramento-CA 0.34% 59 Miami-Fort Lauderdale-FL 0.34% 60 Newport-OR 0.34% 61 Henderson-NC 0.33% 62 Owensboro-KY 0.32% 63 Baton Rouge-LA 0.31% 64 Tulsa-OK 0.28% 65 Oklahoma, OK 0.27% 66 Raleigh-Durham-Chapel Hill-NC 0.27% 67 Nashville-TN 0.26% 68 New Haven-CT 0.25% 69 Minneapolis-St. Paul-MN 0.23% 70 Colorado Springs-CO 0.22% 71 Winchester-VA 0.21% 72 Eau Claire-WI 0.19% 73 Tucson-AZ 0.19% 74 Wilmington-NC 0.17% 75 Pittsburgh-PA 0.17% 76 Franklin-NC 0.16% 77 Omaha-NE-IA 0.15% 78 Stockton-Lodi-CA 0.15% 79 Clackamas-OR 0.15% 80 Lavonia-GA 0.15% 81 Oakland-ME 0.14% 82 Gordonsville, TN 0.14% 83 Boise City, ID 0.13% 84 McAllen-Edinburg-Mission-TX 0.12% 85 San Diego-CA 0.12% 86 Watertown-NY 0.06% 87 Crossville, TN 0.05% 88 Lewisburg-WV 0.04% 89 Galesburg-IL 0.04% - ------ -------------------------------------------------- ------------------- Totals 100.00% 27 Lexington Corporate Properties Trust Supplemental Reporting Package Other Revenue Data 3/31/06
Historical Year to Date Revenue by Property Type Base Rent ($000's)(A) Percentage - ------------------------------------------- -------------------------- -------------------------- Office $ 40,348 65.7% Industrial 18,467 30.1 Retail 2,562 4.2 --------- ------ $ 61,377 100.0% ========= ====== Revenue by Credit Rating(B) - --------------------------- Investment Grade $ 24,725 40.3% Non-Investment Grade 12,869 21.0 Unrated 23,783 38.7 ---------- ------ $ 61,377 100.0% ========== ====== Percentage of Base Rent for the Number of 3 Months Ended Top 15 Tenants/Guarantors Properties(B) Property Type 3/31/06(A) - ------------------------------------------- ------------ ----------------------------- ---------------- Baker Hughes, Inc. 4 Office (3)/Industrial (1) 5.4% Dana Corporation(C) 11 Office (1)/Industrial (10) 5.2 Kmart Corporation 7 Industrial(1)/Retail (6) 4.0 Wells Fargo Home Mortgage, Inc. 2 Office 2.6 Northwest Pipeline Corp. 1 Office 2.6 Internet Security Systems, Inc. 1 Office 2.5 Invensys Systems, Inc. (Siebe, Inc.) 2 Office 2.4 Exel Logistics, Inc.(NFC plc) 4 Industrial 2.0 Nextel Finance Company 4 Office 1.9 Morgan, Lewis & Bockius LLP 1 Office 1.8 Owens Corning 4 Industrial 1.8 Michaels Stores, Inc. 2 Industrial 1.6 Harcourt Brace 1 Industrial 1.4 James Hardie Building Products, Inc. 1 Industrial 1.4 (James Hardie Industries N.V.) TRW, Inc. (Experian Information Solutions, 1 Office 1.4 Inc.) - --- 46 38.0% == ===== (A) Includes proportionate share of joint venture investments and rental revenue recognized from properties sold through the date of sale. (B) As of March 31, 2006. (C) Tenant declared Chapter 11 bankruptcy in March 2006.
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